Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-25 - PARTICULAR KINDS OF TRUSTS  

Division 276 - Australian managed investment trusts: attribution managed investment trusts  

Subdivision 276-K - Ceasing to be an AMIT  

Operative provisions

SECTION 276-815   Effect of increase  

276-815(1)    
This section applies if there is an increase as mentioned in paragraph 276-810(2)(a) .

276-815(2)    
If the character mentioned in subsection 276-810(2) relates to assessable income, treat the amount of the increase as assessable income of the trust for the discovery year.

276-815(3)    
Subsection (4) applies if the character mentioned in subsection 276-810(2) is the character of:

(a) a *discount capital gain from a *CGT asset that is *taxable Australian property; or

(b) a discount capital gain from a CGT asset that is not taxable Australian property.

276-815(4)    
For the purposes of subsection (2), treat the amount of the increase as being double what it would be apart from this subsection.

276-815(5)    
If that character relates to *exempt income, treat the amount of the increase as exempt income of the trust for the discovery year.

276-815(6)    
If that character relates to *non-assessable non-exempt income, treat the amount of the increase as non-assessable non-exempt income of the trust for the discovery year.

276-815(7)    
If that character relates to a *tax offset, treat the amount of the increase as a tax offset of the trust for the discovery year of a kind corresponding to that character (in addition to any other tax offsets of that kind that the trust may have for the discovery year).